In November 2015, AUSTRAC released the draft Privacy Impact Assessment (PIA) – Amendments to Chapter 4 of the Anti-Money Laundering and Counter-Terrorism Financing Rules in order to seek stakeholder feedback both on the potential privacy impacts of the proposed amendments and the preliminary recommendations.

Privacy Impact Assessment - Customer due diligence (CDD)

A privacy impact assessment (PIA) has been undertaken in relation to the new CDD requirements. The PIA was conducted in accordance with PIA Guidelines issued by the Office of the Australian Information Commissioner. The new Australian Privacy Principles, which commenced on 12 March 2014, formed the basis for analysis in the PIA.